How the world became rich
Explain It to Me
00:00
Higher Wages Played a Big Role in the Industrial Revolution
There's evidence that labor bias te logical change happens im con aogad to speakthe true. Some scholars have argued that the wage rates were not necessarily as as one might think. The idea that you could switch uk into a high wage ar equilibrium hasben common and policy circles in the u k. Since around 20 15 swhen now george osborne started right raising a minimum wage. And i feel that the results of this so far have been kind of deeply actory. You've just generate a lot of vacancies, a lot of shortages. There might be a difference between an indogenous response to a a market phenomena of high wages, and trying to induce it artificially with various
Transcript
Play full episode
